UN-AUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS AND QUARTER ENDED JUNE 30, 2026
COMPANY PROFILE
BOARD OF DIRECTORS Mr. Saleem Zamindar Chairman / Director
Mr. Dinshaw H. Anklesaria Director (Resigned on July 22, 2026)
Mr. Mansoor Afzal Subzwari Director Miss. Sadia Moin Director Mr. Muhammad Saleem Mangrio Director Mr. Abdul Qayyum Khan Abbasi Director
Mr. Ahsan Mukhtar Director (Appointed on July 29, 2026)
Mr. Muhammad Omar Arshid Director
AUDIT COMMITTEE Miss. Sadia Moin Chairperson
Mr. Saleem Zamindar Member Mr. Muhammad Omar Arshid Member
HR COMMITEE Mr. Abdul Qayyum Khan Abbasi Chairman Mr. Muhammad Omar Arshid Member Mr. Mansoor Afzal Subzwari Member
CHIEF EXECUTIVE OFFICER Mr. Mansoor Afzal Subzwari CHIEF FINANCIAL OFFICER Mr. Zameer Haider Jaffri COMPANY SECRETARY Mr. Muhammad Imran Akber
BANKERS Allied Bank Limited Bank Al Habib Limited Bank Alfalah Limited Habib Bank Limited Meezan Bank Limited MCB Bank Limited
National Bank Of Pakistan Soneri Bank Limited Sindh Bank Limited
Bank Al Makrama Limited United Bank Limited
AUDITORS Parker Russell-A.J.S. Chartered Accountants
LEGAL ADVISOR Mr. Muhammad Jameel Choudhry
REGISTRAR M/s JWAFFS Registrar Services (Pvt.) Ltd.
Office No. 20, 5th Floor, Arkay Square Extention Shahrah-e-Iraq, Saddar
Karachi-74400
REGISTERED OFFICE 41-K, Block-6, P.E.C.H.S., Karachi
Phone. 0092-21-35303291-2
https://www.sakrandsugar.com
FACTORY ADDRESS Deh Tharo Unar,Taluka Sakrand District Shaheed Benazir Abad, Sindh.
Directors' Report to Members
On behalf of the Board, we are pleased to present the un-audited Condensed Interim Financial statements of the Company for the period ended June 30, 2026.
Operational Result
The operational performance for the period under review as compared with that of last year is tabulated hereunder.
Season | |
2025-26 | 2024-25 |
Start of Season Operational Days | Dec 01, 2025 78 | Nov 21, 2024 85 | |
Sugarcane crushed | M. Tons | 199,765 | 289,400 |
Average Per / day | M. Tons | 2,561 | 3,405 |
Production | |||
Sugar | M. Tons | 21,339 | 27,994 |
Molasses | M. Tons | 10,155 | 13,470 |
Recovery | |||
Sugar | % | 10.702 | 9.819 |
Molasses | % | 5.085 | 4.669 |
The 2025-26 sugarcane crushing season witnessed delays across Pakistan, especially in Sindh, as a result of ongoing disputes between growers and sugar mills regarding cane procurement rates. Consequently, crushing volumes declined to 21,339 metric tons from 27,994 metric tons in the corresponding period last year. Despite these challenges, the Company focused on procuring quality sugarcane and improving operational efficiency, resulting in an increase in the sucrose recovery ratio from 9.819% to 10.702% and an improved contribution margin compared to the corresponding period last year.
Financial Result
The Financial Result for the period under review is tabulated hereunder.
Rupees in Millions | ||
Oct - June | Oct - June | |
2026 | 2025 | |
Sales - net | 2,430.38 | 3,759.70 |
Gross profit | 435.26 | 209.99 |
Profit before taxation and levy | 346.67 | 123.26 |
Profit after taxation | 287.73 | 77.91 |
Earnings per Share Rs. | 6.45 | 1.75 |
As highlighted in the Half-Yearly Report, the Company's net sales remained lower than the corresponding period last year due to the delayed commencement of the crushing season. However, improved cost management and procurement strategies significantly enhanced the contribution margin and overall profitability. Consequently, profit after taxation increased to Rs. 287.73 million from Rs. 77.91 million in the corresponding period last year. Despite this operational improvement, ex-mill sugar prices remained subdued due to uncertainty surrounding the Government's decision on the export of surplus sugar. The domestic sugar market continued to face an oversupply situation.
The outlook for the sugar industry in Sindh remains cautiously optimistic, supported by improved sugarcane availability and higher recovery levels. However, the industry continues to face challenges, including volatile sugar prices, rising production costs, and uncertainty regarding Government policies on sugar exports. Timely policy decisions and a stable regulatory environment will be essential for the sustainable growth of the sector. The Company remains committed to implementing its Revival Plan, with a focus on improving operational efficiency and strengthening its financial position to support sustainable long-term growth.
Acknowledgement
The Directors would like to thank all the government functionaries, banking and financial institutions, suppliers and shareholders for their continued support and cooperation for the betterment and prosperity of the Company.
On behalf of the Board of Directors
Chairman / Director Chief Executive Officer Karachi
July 29, 2026
ٹروپر ﯽﮐ زرٹکيرئاڈ
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Season | |
2025-26 | 2024-25 |
Start of Season Crushing Days | Dec 01, 2025 78 | Nov 21, 2024 85 | |
Sugarcane crushed | M. Tons | 199,765 | 289,400 |
Average Per/Day | M. Tons | 2,561 | 3,405 |
Production Sugar | M. Tons | 21,339 | 27,994 |
Molasses | 10,155 | 13,470 | |
Recovery | |||
Sugar | % | 10.702 | 9.819 |
Molasses | % | 5.085 | 4.669 |
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Rupees in Millions | ||
Oct - June | Oct - June | |
2026 | 2025 | |
Sales - net | 2,430.38 | 3,759.70 |
Gross profit | 435.26 | 209.99 |
Profit before taxation and levy | 346.67 | 123.26 |
Profit after taxation | 287.73 | 77.91 |
Earnings per Share Rs. | 6.45 | 1.75 |
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Condensed Interim Statement of Financial Position As at June 30, 2026 | ||
Un-audited | Audited | |
June 30, | September 30, | |
2026 ……….Rupees in | 2025 '000'………. | |
ASSETS | ||
Non-Current Assets | ||
Property, plant and equipment | 3,851,511 | 3,886,561 |
Intangible asset | 511 | 680 |
Long-term loans | 1,807 | 775 |
Long-term deposits | 2,860 | 2,860 |
3,856,689 | 3,890,876 | |
Current Assets | ||
Stores, spares and loose tools | 107,855 | 110,079 |
Stock-in-trade | 567,159 | 41,764 |
Trade debts | 13,796 | 19,285 |
Loans and advances | 35,181 | 27,179 |
Deposit, prepayments and other receivables | 8,961 | 10,234 |
Short term investment | - | 6,198 |
Cash and bank balances | 41,026 | 18,214 |
773,978 | 232,953 | |
Total Assets | 4,630,667 | 4,123,829 |
EQUITY AND LIABILITIES | ||
Share Capital and Reserves | ||
Authorized share capital 60,000,000 ordinary shares of Rs. 10 each | 600,000 | 600,000 |
Share capital | ||
Issued, subscribed and paid-up capital | 446,160 | 446,160 |
Revenue reserves Accumulated loss | (1,552,538) | (1,863,786) |
Capital reserves Surplus on revaluation of property, plant and | ||
equipment-net of deferred tax | 2,035,966 | 2,059,481 |
Directors'/Sponsors' subordinated loan | 92,767 | 92,767 |
1,022,355 | 734,622 | |
Non-Current Liabilities | ||
Long term financing - secured | 508,874 | 573,673 |
Deferred liabilities | 72,172 | 70,692 |
581,046 | 644,365 | |
Current Liabilities | ||
Trade and other payables | 2,162,045 | 1,931,258 |
Unclaimed dividend | 6,206 | 6,206 |
Accrued mark-up | 498,438 | 504,901 |
Current maturity of long-term financing | 263,418 | 249,018 |
Taxation - net | 97,159 | 53,459 |
3,027,266 | 2,744,842 | |
Total Equity and Liabilities | 4,630,667 | 4,123,829 |
The annexed notes form an integral part of these financial statements. | ||
Chief Executive Officer
Chief Financial Officer
Director
Condensed Interim Statement of Profit or Loss
For the Nine months and Quarter ended June 30, 2026 (Un-Audited)
Nine Months ended Quarter ended
June 30, | June 30, | June 30, | June 30, |
2026 | 2025 | 2026 | 2025 |
Notes ........................…….Rupees in '000'…........................
Sales - net | 2,430,377 | 3,759,703 | 694,247 | 208,806 | ||
Cost of sales | (1,995,120) | (3,549,716) | (676,320) | (243,620) | ||
Gross profit / (loss) | 435,256 | 209,987 | 17,927 | (34,814) | ||
Operating expenses | ||||||
Administrative expenses | (121,684) | (125,556) | (33,283) | (33,126) | ||
Selling and distribution cost | (1,898) | (3,286) | (214) | (189) | ||
(123,582) | (128,843) | (33,497) | (33,315) | |||
Operating profit / (loss) | 311,676 | 81,144 | (15,571) | (68,129) | ||
Finance cost | 3,060 | (21,587) | 5,467 | (7,808) | ||
Other charges | (44,682) | (20,505) | (345) | - | ||
Other income | 76,621 | 84,212 | 15,109 | 37,381 | ||
35,000 | 42,120 | 20,230 | 29,573 | |||
Profit / (loss) before taxation and levy | 346,675 | 123,264 | 4,659 | (38,557) | ||
Levy | (58,941) | (45,353) | (792) | (2,632) | ||
Profit / (loss) before taxation | 287,734 | 77,911 | 3,867 | (41,189) | ||
Taxation | - | - | - | - |
287,734 | 77,911 | 3,867 | (41,189) | ||
6.45 | 1.75 | 0.09 | (0.92) |
Profit / (loss) after taxation
Earning / (Loss) per share -Basic and diluted
The annexed notes form an integral part of these financial statements.
Chief Executive Officer Chief Financial Officer Director
Condensed Interim Statement of Other Comprehensive Income For the Nine months and Quarter ended June 30, 2026 (Un-Audited)
Nine Months ended Quarter ended
June 30, | June 30, | June 30, | June 30, | |
2026 | 2025 | 2026 | 2025 |
….........................….Rupees in '000'………..................
Profit / (loss) after taxation 287,734 77,911 3,867 (41,189) Other comprehensive income for the period - net of tax - - - -
Total comprehensive income / (loss) for the period 287,734 77,911 3,867 (41,189)
The annexed notes form an integral part of these financial statements.
Chief Executive Officer Chief Financial Officer Director
Condensed Interim Statement of Cash Flows
For the Nine month and Quarter ended June 30, 2026 (Un-Audited)
June 30, June 30,
2026 2025
……….Rupees in '000'……….
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 346,675 123,264
Adjustments for non cash charges and other items :
54,749 | 63,733 |
168 | 251 |
(62,368) | (46,500) |
(3,060) | 15,778 |
1,481 | 1,611 |
191 | 112 |
Depreciation Amortisation
Reversal of Provision for doubtful debts Finance cost
Provision for gratuity
Loss on sale of fixed assets
Cash generated from operation before working capital changes Working capital changes | 337,836 | 158,249 |
(Increase) / decrease in current assets | ||
Stores, spares and loose tools | 2,224 | (15,168) |
Stock-in-trade | (525,394) | (85,295) |
Trade debts | 67,857 | 48,022 |
Loans and advances | (8,002) | 46,116 |
Prepayments and other receivables | 1,273 | 56,383 |
Increase / (decrease) in current liabilities | (462,041) | 50,059 |
Trade and other payables | 230,787 | (92,669) |
Cash generated from operations | 106,582 | 115,640 |
Taxes paid | (15,242) | (29,356) |
Finance cost paid | (3,403) | (7,962) |
Net cash generated from operating activities | 87,937 | 78,322 |
B. CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (26,508) | (61,300) |
Sale proceed from disposal of property, plant and equipment | 6,618 | 119 |
Short term investment | 6,198 | - |
Net cash used in investing activities | (13,693) | (61,181) |
C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
Long term financing - secured | (50,400) | (51,000) |
Long term loans to employees | (1,033) | 236 |
Net cash used in financing activities | (51,433) | (50,764) |
Net increase / (decrease) in cash and cash equivalents | 22,811 | (33,622) |
Cash and cash equivalents at the beginning of the period | 18,214 | 55,647 |
Cash and cash equivalents at the end of the period | 41,026 | 22,025 |
The annexed notes form an integral part of these financial statements. |
Chief Executive Officer
Chief Financial Officer
Director
Condensed Interim Statement of Changes in Equity
For the Nine months and Quarter ended June 30, 2026 (Un-Audited)
Issued, subscribed & paid-up capital | Un-appropriated profit / Accumulated loss | Surplus on revaluation of property, plant and equipment | Directors' / sponsors' subordinated loan | Total |
…………………………..….Rupees in '000'…………………………..….
Balance as at October 01, 2024 | 446,160 | (1,883,598) | 2,095,281 | 92,767 | 750,610 |
Profit after taxation | - | 77,911 | - | - | 77,911 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income for the period | - | 77,911 | - | - | 77,911 |
Transferred from revaluation surplus on property, plant and equipment on account of incremental depreciation- net of tax | - | 26,947 | (26,947) | - | - |
Balance as at June 30, 2025 | 446,160 | (1,778,739) | 2,068,334 | 92,767 | 828,521 |
Balance as at October 01, 2025 | 446,160 | (1,863,786) | 2,059,481 | 92,767 | 734,621 |
Profit after taxation | - | 287,734 | - | - | 287,734 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income for the period | - | 287,734 | - | - | 287,734 |
Transferred from revaluation surplus on property, plant and equipment on account of incremental depreciation- net of tax | - | 23,515 | (23,515) | - | - |
Balance as at June 30, 2026 | 446,160 | (1,552,538) | 2,035,966 | 92,767 | 1,022,355 |
The annexed notes form an integral part of these financial statements. |
Condensed notes to the financial statements
For the Nine months and Quarter ended June 30, 2026
These financial statements are unaudited and are being submitted to the shareholders as required by the Securities and Exchange Commission of Pakistan.
These financial statements have been prepared in compliance with the requirements of International Accounting Standards-34 "Interim financial reporting" as adopted by the Institute of Chartered Accountants of Pakistan which are applicable to the Company.
The accounting policies and method of computation allowed for the preparation of these accounts are same as those applied in the preparation of the preceding annual accounts of the Company for the year ended September 30, 2025.
These condensed interim financial information have been authorized for issue on July 29, 2026 by the Board of Directors of the Company.
Figures have been rounded off to the nearest thousand rupees.
Chief Executive Officer Chief Financial Officer Director